Eaton Vance Management lowered its stake in shares of Devon Energy Corp (NYSE:DVN) by 27.4% during the 4th quarter, HoldingsChannel reports. The fund owned 1,533,950 shares of the energy company’s stock after selling 577,890 shares during the quarter. Eaton Vance Management’s holdings in Devon Energy were worth $34,575,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of DVN. Morgan Stanley increased its holdings in shares of Devon Energy by 105.9% during the third quarter. Morgan Stanley now owns 2,521,826 shares of the energy company’s stock valued at $100,722,000 after acquiring an additional 1,296,801 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of Devon Energy by 2,129.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,274,907 shares of the energy company’s stock valued at $57,000 after acquiring an additional 1,217,716 shares in the last quarter. FMR LLC increased its holdings in shares of Devon Energy by 11.1% during the second quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock valued at $517,962,000 after acquiring an additional 1,173,389 shares in the last quarter. Clearbridge Investments LLC increased its holdings in shares of Devon Energy by 57.3% during the third quarter. Clearbridge Investments LLC now owns 3,195,598 shares of the energy company’s stock valued at $127,632,000 after acquiring an additional 1,164,365 shares in the last quarter. Finally, Ceredex Value Advisors LLC acquired a new position in shares of Devon Energy during the third quarter valued at about $40,839,000. Hedge funds and other institutional investors own 80.51% of the company’s stock.
Several equities analysts have recently issued reports on DVN shares. Royal Bank of Canada cut their price objective on shares of Devon Energy from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Thursday, November 8th. Johnson Rice downgraded shares of Devon Energy from a “buy” rating to an “accumulate” rating in a report on Tuesday, January 8th. Cowen started coverage on shares of Devon Energy in a report on Thursday, November 29th. They set a “market perform” rating on the stock. Stifel Nicolaus restated a “buy” rating and set a $50.00 price objective on shares of Devon Energy in a report on Tuesday, November 27th. Finally, JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $40.00 to $37.00 in a report on Friday, December 7th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $45.82.
Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 19th. The energy company reported $0.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.21). The business had revenue of $3.71 billion during the quarter, compared to analyst estimates of $1.97 billion. Devon Energy had a return on equity of 5.73% and a net margin of 24.82%. During the same quarter last year, the company posted $0.38 EPS. On average, analysts forecast that Devon Energy Corp will post 1.31 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.09 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.08. The ex-dividend date is Thursday, June 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.21%. Devon Energy’s dividend payout ratio (DPR) is presently 24.81%.
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Devon Energy Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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